Elizabeth Ayoola

And I was getting tons of 1099 NECs.

And I had to make sure I kept track of all of those.

and use them when I was filing my taxes.

People who receive at least $600 in non-employee compensation should receive a 1099 NEC from the person who is paying them.

And I also want to point out that the One Big Beautiful bill has changed that threshold from $600 to $2,000 in 2026.

So if the listener makes under that amount, they may not receive a form, but they still do need to report that income.

I use a SEP IRA and it does help reduce my taxable income every year.

When I first started, I did not have separate accounts.

So I was commingling all my monies.

And when I tell you it was a stressful and frustrating come tax time going through all my statements and trying to figure out which was business and which was personal.

So opening a business account was a lifesaver and also having a business credit card so that I can see where all my expenses are.

I'm not doing any commingling, Sean.

I'm learning from you.

Be organized.

I do want to put it out there that you guys should be aware of the tax deadline and give yourself enough time to prepare and file.

I had a horror story last year.

I was fined over $2,000 by the IRS.

because I converted my business, like I said earlier, from an LLC, sole proprietorship, to an S-corp to save on taxes, and I didn't realize that the tax deadline was different.

Just by a month.

Yep.